Buildings in Calabasas, Camarillo sell in busy week for commercial real estate
Infab’s headquarters in Camarillo was recently sold for $ 6.5 million. (Courtesy photo)
Millions of commercial real estate sales on the Highway 101 corridor show the market is moving again.
Park Calabasas, an office campus that was home to Lockheed Martin and Countrywide Financial, sold for $ 79 million on April 1, and an industrial building in Camarillo sold for $ 6.5 million the previous day.
The Park Calabasas, Rising Realty Partners and Fortress Investment Group sellers were represented by a team of Newmark realtors including: Kevin Shannon, co-head of US Capital Markets; Ken White and Rob Hannan, both managing directors; and Senior Managing Director Laura Stumm. Two other members of the Newmark team – Vice Chairman David Limestone and Senior Managing Director Brett Green – secured acquisition financing for the buyer Gemdale USA, a US subsidiary of the China-based Gemdale Corporation.
The campus is located in 4500 Park Grenada in Calabasas and has 222,524 square meters of space on 20 hectares. It is currently 92% let with six tenants and was originally developed as the corporate headquarters for Lockheed Martin before becoming the headquarters of Countrywide Financial, which is now Bank of America Home Loans. The campus was recently renovated by its previous owners for $ 12 million.
“With a weighted average remaining lease in excess of 10 years, The Park Calabasas is another example of investors flocking to office real estate with long-term tenants,” Shannon said in a Newmark press release. “Since the outbreak of the pandemic, we’ve seen notable increases in foreign capital like Gemdale, as well as the Family Office and 1031 Exchange Capital, which is buying office assets to fill the void of diminished institutional demand for the asset class.”
Another multi-million dollar deal was concluded in Camarillo with the sale of 1040 Avenida Acaso. The property was sold by an LLC called Deezco and bought by Fredmore. The 40,000 square meter building is 2.12 hectares and has 8,000 square meters of office space. Infab Intermediate Holdings, a distributor of radiation protection products and safety accessories, will be occupied under a new long-term triple-net lease, according to a press release from CBRE.
CBRE teams represented both the buyer and seller in the transaction. Bob Boyer and Michael Slater represented the seller, and Fred Aframian and Ryan Lin represented the buyer.